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HomeFree trade agreement between the EU and the Republic of Singapore
Analysis
Free trade agreement between the EU and the Republic of Singapore
Analysis
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This study analyses provisions of the EU-Singapore Free Trade Agreement concluded in May 2015 ('EUSFTA'). It compares EUSFTA with other 'new-generation' free trade agreements, such as the EU-Republic of Korea and the EU-Canada Comprehensive Economic and Trade Agreement. Overall, EUSFTA adopts a WTO+ approach and as a result significantly liberalises trade between the EU and Singapore compared to the current trade relationship. The study finds that a number of tariff and non-tariff barriers to trade in goods and services that currently exist between the parties will be reduced or removed on EUSFTA's entry into force. EUSFTA, as with other 'new-generation' FTAs negotiated by the EU, adopts a comprehensive approach, and contains innovative provisions on investment, intellectual property rights, competition and public procurement. It also contains provisions which reflect growing concerns about the impact of global trade, such as those on trade and sustainable development. With regard to EUSFTA's potential impact on trade, the economic modelling estimates an increase of around 10 % in trade volumes and greater volumes of foreign direct investment between the EU and Singapore as a result of the agreement. It also concludes that EUSFTA should lead to small increases of the gross domestic products of the EU and Singapore (0.06 % and 0.35 %, respectively). The responses of a wide-range of EU and Singaporean stakeholder consultation reveal that, in general, EUSFTA is viewed positively and is considered a very ambitious agreement, which will offer new opportunities for trade and investment in the EU and Singapore. However, some concerns have been raised, especially by small and medium-sized enterprises. The implications of the result of the Opinion of the Court of Justice of the EU in case 2/15 of 2017, on whether the EU had exclusive competence to sign and conclude EUSFTA alone, is also analysed in detail. The study recommends, notably, monitoring closely that commitments taken under sustainable development provisions are implemented and used effectively in practice.
- Published:
- Corporate author(s): Directorate-General for External Policies of the Union (European Parliament)
- Personal author(s): Chambers, Glyn ; Debono, Melanie ; Frangeskides, Costas ; Gallagher, Jody ; Holmes, Peter ; Kelly, Jeremy ; Roussou, Eirini ; Stevenson, Cliff ; Woolich, Anthony
- Themes: Trade — Competition , Asia
- Subject: European Union , free-trade agreement , goods and services , intellectual property , international competition , international trade , investment abroad , public contract , Singapore , sustainable development , trade agreement (EU) , trade policy
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| ISSN | ISBN 978-92-846-2763-9 | DOI 10.2861/092222 | Catalogue number QA-02-18-395-EN-N |
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| ISSN | ISBN 978-92-846-2764-6 | DOI 10.2861/875856 | Catalogue number QA-02-18-395-EN-C |
- Released on EU Publications:
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